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Get filing alertsUnited Parks Q1 revenue falls 3% on weather, international headwinds; shares repurchased
Filed May 11, 2026 · Period ending May 11, 2026 · ~1 min read
Key Changes
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high
Q1 attendance dropped 5% to 3.2M guests, revenue fell 3% to $278.3M, and net loss widened to $34.1M from $16.1M prior year. Management blamed weather (140K guests) and lower international visitation (80K guests).
Item 2.02 verify on EDGAR → -
high
Company repurchased 2.6M shares for $92.7M in Q1, plus 1.8M shares for $64.8M through May 8 (total $157.5M), citing material undervaluation.
Item 2.02 verify on EDGAR → -
medium
In-park spending per capita rose 5.3% to record $40.62 despite lower attendance, offsetting a 0.5% decline in admission per capita to $45.81.
Item 2.02 verify on EDGAR → -
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Paid pass sales up 12% through April 30, Discovery Cove bookings up double digits, and group bookings ahead of 2025 levels, supporting management's full-year growth outlook.
Item 2.02 verify on EDGAR → -
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Opened Barracuda Strike coaster at SeaWorld San Antonio in March; additional attractions planned across parks through 2026 to drive attendance.
Item 2.02 verify on EDGAR →
Summary
United Parks reported a challenging first quarter with attendance down 5% and revenue down 3%, driven by unfavorable weather across key markets during Spring Break and a decline in international visitation. The net loss widened to $34.1 million from $16.1 million in the prior-year quarter, and Adjusted EBITDA fell 14% to $58.0 million.
Management quantified the impact at approximately 140,000 guests lost to weather and 80,000 to international softness. Despite the top-line pressure, the company demonstrated pricing power with in-park spending per capita reaching a record $40.62, up 5.3%, though admission per capita slipped slightly.
Management responded to the stock's decline by accelerating share repurchases, buying back $157.5 million worth of stock through early May, signaling confidence in intrinsic value. Forward indicators offer some reassurance: paid pass sales are up 12% through April, Discovery Cove bookings are running double digits ahead of last year, and group business is outpacing 2025. Management maintained its full-year growth outlook, banking on new attractions and an enhanced marketing strategy to offset the Q1 shortfall. Investors should watch whether the pass sales momentum and bookings strength translate into improved attendance and revenue trends in Q2 and beyond, particularly if weather normalizes and international visitation stabilizes.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
Attendance was 3.2 million guests, a decrease of approximately 171,000 guests from the first quarter of 2025.
Total revenue was $278.3 million, a decrease of $8.7 million from the first quarter of 2025.
Net loss was $34.1 million, a decrease of $17.9 million from the first quarter of 2025.
Adjusted EBITDA[1] was $58.0 million, a decrease of $9.5 million from the first quarter of 2025.
United Parks reported first quarter 2026 results showing attendance declined 5% to 3.2 million guests, total revenue fell 3% to $278.3 million, net loss widened to $34.1 million from $16.1 million in the prior year quarter, and Adjusted EBITDA decreased 14% to $58.0 million. Management attributed the shortfall primarily to unfavorable weather across multiple markets (San Diego, Florida, Texas during Spring Break) and a decline in international attendance, estimating weather impacted approximately 140,000 guests and international declines affected approximately 80,000 guests.
Added in current filing · view on EDGAR →
Total revenue per capita[2] increased 2.1% to $86.43 from the first quarter of 2025. Admission per capita[2] decreased 0.5% to $45.81 while in-park per capita spending[2] increased 5.3% to a record $40.62 from the first quarter of 2025.
Despite lower attendance, the company achieved a 2.1% increase in total revenue per capita to $86.43, driven by a 5.3% increase in in-park per capita spending to a record $40.62. Admission per capita declined slightly by 0.5% to $45.81, reflecting lower realized pricing on certain admission products and product mix shifts. The strong in-park spending growth demonstrates effective execution on food, merchandise, and other offerings.
Added in current filing · view on EDGAR →
In the first quarter, the Company repurchased approximately 2.6 million shares for an aggregate total of approximately $92.7 million. Subsequent to the end of the quarter through May 8, 2026, the Company has repurchased an additional approximately 1.8 million shares for an aggregate total of approximately $64.8 million.
United Parks repurchased approximately 2.6 million shares for $92.7 million during Q1 2026, and an additional 1.8 million shares for $64.8 million from April 1 through May 8, 2026, for a combined total of 4.4 million shares and $157.5 million. Management stated this reflects their belief that the stock is materially undervalued and their commitment to returning excess cash to shareholders.
Added in current filing · view on EDGAR →
We also saw strong pass sales performance during the quarter with paid pass sales up approximately 10% during the quarter and up approximately 12% through April 30, 2026. Looking ahead, our advanced bookings revenue for Discovery Cove and our group business both currently outpacing 2025 levels with Discovery Cove up a double-digit percentage.
Despite the Q1 shortfall, management cited positive forward indicators including paid pass sales up approximately 10% in Q1 and 12% through April 30, 2026, advanced bookings for Discovery Cove up by a double-digit percentage versus 2025, and group business bookings also outpacing prior year levels. Management expressed confidence in delivering strong financial performance and growth in revenue and Adjusted EBITDA for full-year 2026, supported by new rides, attractions, events, and an enhanced marketing strategy.
Added in current filing · view on EDGAR →
SeaWorld San Antonio opened Barracuda Strike, Texas' First Inverted Family Coaster in March. This one-of-a-kind attraction invites guests of all ages to dive into the deep and experience the ocean's most agile predator like never before.
The company opened Barracuda Strike at SeaWorld San Antonio in March 2026 and has additional attractions planned across its parks, including a new Shark Encounter at SeaWorld San Diego in May, Lion & Hyena Ridge at Busch Gardens Tampa Bay, Verbolten - Forbidden Turn at Busch Gardens Williamsburg, and a revamped Expedition Odyssey at SeaWorld Orlando. These investments are intended to drive attendance and guest spending throughout 2026.
Event · Item 2.02 — Results of Operations and Financial Condition
United Parks & Resorts announced Q1 2026 earnings results via press release on May 11, 2026.
Added in current filing · verify on EDGAR →
On May 11, 2026, United Parks & Resorts Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended March 31, 2026.
The company disclosed its first quarter 2026 operating results through a press release. The 8-K body itself does not contain the actual financial figures — those are in the attached press release exhibit (Exhibit 99.1), which was not provided in this filing excerpt.
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